What About Any Legal Exposure From Law Suits (such As EPA/DEQ Type Properties, Etc.) ???
I am interested in TLCs, but I am also interested in any legal law suit exposure such as an EPA/DEQ type of law suit.
How can we protect ourselves from a law suit, if the property was once a gasoline station or any other type of problem that exposes our personal assets to law suit?
You are fully responsible if a problem arises. You cannot be forgiven for not having a though inspection.
Your best bet. Go with a tax lien company.
[addsig]
TLB:
I appreciate your reply. I am new to this and am getting all the help I can including but not limited to the US SBA SCORE program to help me set up and operate my business. One attorney told me that I can protect myself throug the use of LLCs and/or corporations. Before i jump out in that water, I will have a game plan that will not break me if I make a mistake or for any other reason.
How does a tax lien company help or resolve the liability issue?
TLCs?
I don't think you want to buy a lot w/ clean up problems w/o know what's going on.
In CA, if there was previous "risk" use of the property then there are environmental studies that have to take place.
Lots of time parcels will be cleaned up buy the previous owner (usuallt the responsibile party) and you but the lot subject to the restriction put on it mt the environmental heath people.
e.g. no basements, no housing, commercial on 1st floor o.k residetial above.
Some times the restrictions run for ever, other times for periods of time.
I agree that due dilligence is your best desfense -- .i.e. research the property BEFORE investing to avoid these problems.
On the other hand you can form a LLC or corporation to buy and hold the property liens/deeds to reduce your personal liability. Go check the law/legal forum for some info on this.
-Glenn